Boosin Company, Inc. Comparative Balance Sheets As of December 31, 2016 and 2017

Question

Boosin Company, Inc. Comparative Balance Sheets As of December 31, 2016 and 2017 Assets 2016 2017 Current Assets Cash Accounts Receivable Inventory Prepaid Insurance $ 14,500 41,520 $ 53,700 $51,500 $60,200 64,900 $5,400 $ 3,700 $133,800 161,620 Total Current Assets Property, Plant & Equipment Land Equipment Accumulated Depreciation $96,00034,500 $120,000 133,600 (49,200) (62,300) $166,800 105,800 Net Property, Plant & Equipment 6,500 $9,500 307,100 276,920 Investments Total Assets Liabilities and Shareholders' Equity Current Liabilities Accounts Payable Notes Payable Income Tax Payable Salary Payable Interest Payable Accrued Liabilities $3,300 4,400 $ 48,800 43,100 $ 15,400 14,000 12,900 $ 9,900 $ 6,800 8,300 $ 3,100$ 1,200 $90,300 80,900 Total Curent Liabilities $93,600 47,800 $183,900 128,700 Long-Term Notes Payable Total Liabilities Shareholders' Equity Common Stock Retained Earnings $61,300 $69,000 61,900 $79,220 $ 123,200 148,220 Total Liabilities & ShareholdersEquity 307,100 276,920 Total Shareholders' Equity List of activities during 2017 Net Income $62,920 . Paid long term note payable with cash $59,400 .Cash payments to employees $42,700 Loss on the sale of land $9,700 Acquired equipment by issuing a long-term note payable for $13,600 . Cash payments to suppliers $147,400 Cash paid for interest $2,900 . Depreciation expense on equipment $13,100 . Paid short-term note payable by issuing common stock to creditor for $5,700 . Paid cash dividends $45,600 Issued common stock to shareholders for $2,000 cash Received cash from customers $298,200 . Cash paid for income taxes $11,600 Sold land for cash $51,800 Interest received in cash$1,300 . Purchased long-term investment for cash $3,000 .Paid $8,880 for a one-year insurance policy on June 1st Paid $4,800 for other operating expenses

Explanation / Answer

CASH Debit Description Debit Credit Credit Description Beginning balance $14,500 $59,400 Paid Long TermNote $42,700 Cash payment to employees $147,400 Cash payment to suppliers $2,900 Cash paid for interest $45,600 Paid cash dividends Issued common stock to shareholders $2,000 Received Cash from customers $298,200 $11,600 Cash paid for income taxes Sold land for cash $51,800 Interest received in cash $1,300 $3,000 Purchased long term investment for cash $8,880 Paid $8800 for a one year insurance policy on June 1st $4,800 Paid $4800 for other operating expenses Totals $367,800 $326,280 Ending Balance $41,520 Cash balance as per 2017 balance sheet $41,520

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